What Is the Recommended Amount of Time for Keeping All

question 113

Multiple Choice

What is the recommended amount of time for keeping all copies of bills and order forms for supplies in the event the medical practice is audited by the Internal Revenue Service?

• A) 1 year
• B) 3 years
• C) 7 years
• D) 20 years
• E) indefinitely

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Definitions:

Payoff

The outcome of a decision or strategy, often quantified in terms of profit or loss.

Strategy

A plan of action designed to achieve a long-term or overall aim, often used in business, marketing, military, and game theory contexts.

Second Job

Employment taken in addition to one's primary job, often to earn extra income.

Full Time

Employment status in which an individual works the maximum number of legal hours defined by the employer, often with benefits.